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Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
Morgan McKinley Hong Kong Salary Survey 2012
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Morgan McKinley Hong Kong Salary Survey 2012

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Morgan McKinley Hong Kong Salary Survey 2012

Morgan McKinley Hong Kong Salary Survey 2012

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  • 1. CONTENTS.CLICK ON THE HYPERLINKS TO GO TO PAGEMANAGING DIRECTOR’S LETTER 2 COMMERCE & INDUSTRY 15 ACCOUNTING & FINANCE 16FINANCIAL SERVICES 3 HUMAN RESOURCES 17 ACCOUNTING & FINANCE 4 INFORMATION TECHNOLOGY & ASSET MANAGEMENT 5 TELECOMMUNICATIONS 18 BANKING OPERATIONS 6 SALES & MARKETING 19 HEDGE FUNDS & PRIVATE EQUITY 7 HUMAN RESOURCES 8 UNDERSTANDING THIS GUIDE 21 INFORMATION TECHNOLOGY 9 INSURANCE 10 TALK TO US 22 INVESTMENT BANKING & CAPITAL MARKETS 11 LEGAL, TAX & COMPLIANCE 12 PRIVATE BANKING 13 RISK MANAGEMENT 14 1
  • 2. MANAGING Within financial services, we anticipate that in Q2 there will be turnover as a result of reduced bonus pools and that this will stimulate hiring activity. It isDIRECTOR’S worth noting that the majority of financial institutions expect minimal growth in headcount,LETTER. Welcome to Morgan McKinley’s but growth all the same. We have accumulated the sector knowledge and Hong Kong Salary expertise of our consultants to deliver the Morgan Guide 2012 McKinley Hong Kong Salary Guide 2012. It provides a general guide to current compensation Following a period of robust economic recovery in and hiring trends across Hong Kong’s professional 2010, both financial services and commerce & markets. industry hiring markets in Hong Kong continued to demonstrate growth in the first half of 2011. The Indications are that salaries within commerce & continued positive outlook and growth of mainland industry increased by approximately 7% year-on- China and other emerging markets in the region year in 2011. Within areas of sales & marketing, boosted demand for professionals across a broad accounting & finance and IT security there have range of specialist areas. been uplifts in excess of this figure. Bonuses have remained relatively stable as cost reductions are Unfortunately H2 2011 was a very different story, still at the forefront of CFO and CEOs’ minds. with the effects of the US debt-ceiling crisis and turbulence in the eurozone significantly impacting Financial services salaries are predicted to remain Hong Kong’s recruitment market. Companies relatively stable across the board in 2012 but with focused on cost management, hiring activity considerably diminished bonus pools decreased and in certain areas (particularly (approximately 25% less than paid out in investment banking) redundancies were 2010/11). However, compensation packages for announced. professionals with specialist skill sets such as risk management, compliance, Solvency II and Commerce & industry remained relatively buoyant, actuarial remain attractive, as there is fierce particularly the retail and luxury goods markets. competition for top talent within these areas. However, hiring processes slowed somewhat at the end of 2011 as global financial uncertainty We hope you find this guide informative and we impacted a broader range of industries, from welcome any feedback you may have. For more manufacturing to property and construction. specific salary or hiring information, please contact our specialist consultants or myself directly. Despite the challenging economic climate we remain cautiously optimistic about the hiring market Nick Lambe for 2012. There are early signs that an increased Managing Director | Hong Kong number of opportunities will be available within T: +852 3907 3931 sales & marketing, insurance and private banking. E: nlambe@morganmckinley.com.hk 2
  • 3. FINANCIAL SERVICES.SALARY GUIDE 3
  • 4. FINANCIAL SERVICES.ACCOUNTING & FINANCEThe financial services jobs market for There has been a rise in demand for Whilst hiring activity will be slow in Q1 ofaccounting and finance professionals was auditors, with many banks and other 2012, it is anticipated the market willquite stable throughout 2011, with certain financial institutions adding headcount to bounce back, although it will become moreareas offering more opportunities than existing audit teams or creating new teams competitive. Despite certain areas beingothers. to incorporate hybrid functions. relatively dormant, others such as audit and strategic analysis will continue to expand inProduct control and valuations specialists An interesting trend that has emerged is the 2012. It is expected that candidates withinwere in high demand earlier in the year, surge in contracting vacancies, mainly these areas that are hiring will bemainly within the area of equities, as the within financial control, financial reporting compensated with increments ranging frompreference for qualified accounting and regulatory reporting. 15-20%.professionals increased. BASIC SALARIES (HK$ PER MONTH) Analyst / Associate / VP / SVP / Director / Role: Non-Officer AVP / Manager Senior Manager Director Senior Director Product Control $25k - $35k $35k - $75k $75k - $100k $100k - $125k $125k+ Financial Control $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+ Valuations $28k - $38k $38k - $78k $78k - $105k $105k - $130k $130k+ Management Reporting $25k - $35k $35k - $60k $60k - $85k $85k - $125k $125k+ Financial Reporting $20k - $30k $30k - $60k $60k - $80k $80k - $120k $120k+ Internal Audit $28k - $34k $34k - $58k $58k - $100k $100k - $130k $130k+ 4
  • 5. FINANCIAL SERVICES.ASSET MANAGEMENTThere was considerable movement at all office openings for sales, marketing and increment to offset the risk of being last tolevels within most asset management firms client servicing professionals were limited, join and first to be out. The European debtin the first half of 2011. Employers were with hiring managers focused mainly on crisis will continue to have a huge impactrelatively generous in terms of total critical replacement hires. on hiring trends over at least the first threecompensation for new hires and remained quarters of the year. A dramatic increase in hiring activity is notmarket competitive for retentions. predicted for 2012. Professionals in thisAt the start of Q3 2011, there was a area are cautious to make a move due tosubstantial decrease in demand, especially financial market uncertainty as is the casein the middle and back office areas. Front across the sector. Those who decide to make a move are keen to secure a larger BASIC SALARIES (HK$ PER MONTH) Analyst / Associate / VP / SVP / Managing Role: Non-Officer AVP / Manager Senior Manager Director Director Fund Manager $42k - $53k $47k - $68k $68k - $92k $105k - $138k $200k+ Research Analyst $36k - $42k $42k - $63k $63k - $83k $92k - $125k $125k+ Retail / Institutional Marketing $15k - $25k $25k - $45k $45k - $65k $65k - $83k $120k+ RFP Writer / Investment Writer $20k - $35k $35k - $50k $50k - $70k $70k - $100k $100k+ Performance Analyst $12k - $20k $20k - $35k $35k - $45k $45k - $70k - Retail/ Intermediary / Distribution Sales $25k - $35k $35k - $50k $50k - $80k $80k - $120k $150k+ Institutional Sales $25k - $35k $35k - $50k $50k - $92k $92k - $150k $180k+ Client Relationship / Account Management $17k - $25k $25k - $45k $45k - $70k $70k - $100k $100k+ Execution Trader / Dealer $20k - $30k $30k - $50k $50k - $70k $70k - $120k $150k+ Product Development / Management $20k - $30k $30k - $50k $50k - $70k $70k - $100k $100k+ Fund Manager’s Assistant $15k - $25k $25k - $45k $45k - $65k $65k - $80k - 5
  • 6. FINANCIAL SERVICES.BANKING OPERATIONSAt the start of 2011 there was huge demand anticipated that this will continue in 2012 in certain areas. However, trade support,for experienced banking operations with hiring likely to be considerably slower sales support, client services and client on-professionals across all asset classes. The compared to the past two years. The boarding should remain key areas for hiringkey areas of hiring activity were trade/sales majority of recruitment will focus on within Hong Kong over the next 12 months.support and client on-boarding. Towards replacement rather than growth hires. We Salary levels in 2011 increased around 4-the end of 2011, hiring within operations have seen significant offshoring over recent 8% across most functional levels internally,slowed significantly due to uncertainty and years and the ongoing emphasis on cost with professionals moving externally seeingdecline in global financial markets. It is management should see this continue a 15-20% increase on base. BASIC SALARIES (HK$ PER MONTH) Analyst / Associate / VP / SVP / Director /Role: Non-Officer AVP / Manager Senior Manager Director Senior DirectorTrade Support $20k - $30k $30k - $60k $70k - $90k $100k+ $130k+Client Services $20k - $30k $30k - $55k $65k - $85k $90k+ $120k+Settlements $15k - $25k $25k - $35k $50k - $65k $70k+ $100k+Documentation $20k - $28k $28k - $40k $50k - $75k $75k+ $100k+Business Analyst / Projects $25k - $30k $30k - $60k $60k - $90k $90k+ $120k+EQUITY FINANCE (PRIME BROKERAGE)Prime Brokerage / Client Services $25k - $35k $35k - $55k $60k - $80k $90k+ $120k+Prime Brokerage / Settlements $20k - $30k $30k - $40k $50k - $65k $70k+ $100k+OTHERLoans Administration $12k - $20k $20k - $40k $45k - $60k $60k+ $75k+Static Data Analyst $15k - $20k $20k - $35k $45k - $60k $60k+ $85k+Control / Reconciliations $18k - $25k $25k - $40k $40k - $55k $70k+ $85k+Asset Servicing (Corporate Actions & Dividends) $18k - $25k $25k - $35k $50k - $65k $75k+ $85k+ 6Cash Management $15k - $25k $25k - $35k $35k - $65k $70k+ $85k+
  • 7. FINANCIAL SERVICES.HEDGE FUNDS & PRIVATE EQUITYIn 2010, the market in Hong Kong unfortunately, some had to close down or Therefore most private equity firms are alsorebounded quickly and many people were exit Hong Kong. Hedge fund managers are adopting a cautious approach to hiring.optimistic about the outlook for 2011. maintaining a conservative approach to Most are ensuring they can raise moreIndeed the first half of 2011 was steady and hiring and taking time to observe the funds before hiring new people into theirhiring activity was stable. However, in situation before making recruitment moves. teams.August 2011 the market started to decline, With regard to private equity, the impact Many funds are ‘bearish’ and salary levelsdropping further in November due to the from the economic downturn has not been for 2012 is predicted to be similar to 2011.eurozone crisis. The hedge fund industry as direct. Although the market is declining, For large funds, increments may still bewas deeply impacted and had one of its deals are not getting any cheaper to invest offered to candidates, but for smaller orworst years in the past two decades. Many in and it has been difficult for private equity start up funds, the focus will be onof the smaller funds faced redemption and funds to raise money for investments. performance bonuses and not base salary. BASIC SALARIES (HK$ PER MONTH) Associate / VP / SVP / Director / Role: Analyst AVP Senior Manager Director Senior Director Fund / Portfolio Manager $35k - $40k $40k - $60k $65k - $85k $85k - $105k $110k+ Portfolio Management / Investment Specialist $35k - $45k $45k - $60k $65k - $80k $80k - $90k $90k - $115k Investment Analyst $30k - $40k $40k - $55k $65k - $80k $80k - $100k $115k - $135k Economist / Investment Strategist $30k - $40k $40k - $50k $55k - $70k $65k - $80k $90k - $125k Portfolio Construction $35k - $45k $40k - $55k $60k - $65k $70k - $85k $90k - $115k Trader $25k - $40k $40k - $50k $55k - $75k $75k - $90k $90k - $115k Product Development $35k - $40k $40k - $50k $55k - $70k $80k - $100k $90k - $110k Sales / Business Development $25k - $30k $35k - $45k $50k - $70k $65k - $105k $125k+ Private Equity – Investment Team $35k - $50k $50k - $80k $65k - $100k $90k - $115k $110k - $210k 7
  • 8. FINANCIAL SERVICES.HUMAN RESOURCESIn the first half of 2011 there was strong demand forprofessionals across all areas of HR, particularly HR BASIC SALARIES (HK$ PER MONTH)business partners and recruitment specialists. Role:Recruitment activity remained steady in Q3 2011, althoughthere was increased emphasis on replacement roles rather HR Director / Head $125k+than additional headcount. The market became very HR Manager / HR Business Partner $66k - $125kcautious in Q4 2011 but remained reasonably active. Associate / Assistant HR Manager $32k - $54kHeadcount restrictions are still in effect and manycompanies are looking to mobilise their global workforce to HR Officer / Assistant $18k - $25kreallocate talent where it is most needed. Talent retention Recruitment Head / Director $108kand succession planning are still key areas of concern, sodemand is high for professionals with experience in talent Recruitment Specialist $35k - $70kmanagement, organisational development and learning & Recruitment Coordinator $20k - $28kdevelopment. Learning & Development Head $125k+It is predicted that there will be steady levels of hiring activity Talent Development / Organisational Development Director $108k+for 2012 with salaries to remain stable with relativelyconservative bonus payouts. Many employers will proceed Learning & Development Specialist $55k - $70kcautiously however, key performers will continue to receive Learning & Development Officer / Coordinator $20k - $28kcompetitive packages as talent retention remains a strongfocus in the financial services sector. Compensation and Benefits Head $100k - $125k Compensation and Benefits Manager $40k - $80k Payroll Manager $42k - $75k Payroll Specialist $25k - $34k Global Mobility Manager $74k - 105k Global Mobility Specialist $40k - $62k Shared Service / HR Operations Manager $45k - $108k 8
  • 9. FINANCIAL SERVICES.INFORMATION TECHNOLOGYAfter a strong rebound from 2010, it was an It will be a challenging year for IT Skilled developers with strong domaineventful year for IT recruitment in 2011. recruitment in 2012, with many banks and business knowledge will remain the mostDemand grew steadily in front office financial institutions adopting a more sought after specialists in the market.development, product management and conservative approach to hiring. Information security in both application andproject management in the first half of Demand for contract IT professionals will infrastructure will be another demanding2011, with turbulence in the markets be substantially high however, especially in area, given a shortage of experiencedamplified by the eurozone crisis and the the fields of Wintel, UNIX administration, professionals.weakening US economy. Technical DBA and network / storage.developers also remain highly sought after, Given the challenging environment in theespecially for front office roles. Hiring in expected to pick up in Q2/Q3 last two quarters of 2011, salaries are likely 2012, with replacement hires predicted to to increase in 2012 for the bankingThere was however, diminishing demand provide the majority of new IT job technology field by 3–5%.for project managers and business analysts opportunities within financial services.as various projects were discontinued. BASIC SALARIES (HK$ PER MONTH) Director / Analyst / Associate / VP /Role: SVP / Director Executive Non-Officer AVP / Manager Senior Manager DirectorBusiness Analyst / Specialist $25k - $40k $40k - $55k $60k - $75k $75k+ $110k+Application Developer $30k - $40k $40k - $55k $60k - $75k $75k+ $100k+– Front Office / Middle OfficeProject Manager / Change Manager $30k - $35k $35k - $50k $50k - $70k $80k+ $100k+Production Support / Technical Support $25k - $30k $40k - $55k $60k - $75k $80k+ $100k+Information Security / IT Audit $25k - $35k $40k - $55k $60k - $75k $80k+ $100k+Infrastructure Specialist $25k - $35k $35k - $45k $50k - $70k $75k+ $90k+ 9
  • 10. FINANCIAL SERVICES.INSURANCEThe majority of insurance houses in Hong Experienced life actuaries (qualified) and Other areas of demand include strategicKong recorded positive results in the first life underwriters also continue to be in planning and channel distribution. Currently,three quarters of 2011, prior to a slowdown demand. many professionals are showingin Q4. Asia is still seen as a growth region reservations to move jobs before bonuses Due to the shortage of experiencedfor insurance and does not seem to be as are paid at the end of Q1 2012. Some insurance specialists, many employers aresensitive to global economic turmoil as employers are offering attractive sign-on now widening their global networks andother sectors within financial services. bonuses and packages in order to attract looking outside of Asia for key talent. In the right professionals.The trend is continuing for internal controls some cases, firms are more open tofocused hiring as organisations strengthen considering professionals without directtheir compliance, internal audit and risk insurance experience.functions (e.g. ERM & Solvency II). BASIC SALARIES (HK$ PER MONTH) Assistant Department Role: Manager Senior Manager Manager Head Actuarial $48K - $63k $46k - $70k $62k - $78k $110k+ Claims $37k - $52k $52k - $74k $61k - $82k $70k+ Underwriting $35k - $47k $40k - $52k $44k - $69k $70k+ Distribution $26k - $37k $32k - $57k $50k - $78k $68k+ Audit $38k - $52k $42k - $74k $58k - $85k $74k+ Finance $34k - $45k $40k - $55k $50k - $83k $83k+ 10
  • 11. FINANCIAL SERVICES.INVESTMENT BANKING & CAPITAL MARKETSFollowing an extremely active job market in These factors have put significant down ‘across the street’.2010, investment banking & capital markets downward pressure on compensation.saw fewer front office professionals moving Basic salaries in these top firms have Top international firms continue to operatejobs in early 2011. This was due to ‘churn’ shown little increase since the start of 2011 on a broadly level playing field in terms offrom the previous year, and increasing and with prevailing market conditions, it is basic salary at junior levels, and will payuncertainty surrounding the global unlikely that they will increase significantly more than local firms. However there iseconomy. Since then, the economic outlook in Q1 2012. Moreover, with bonus pools evidence that Chinese banks are adjustinghas deteriorated and most global depleted in those firms which have their compensation structures to becomeinvestment banks in Hong Kong scaled announced 2011 results so far, total more competitive and attract experiencedback headcount in H2 2011. compensation for 2011 already looks to be talent from their international peers. BASIC SALARIES (HK$ PER MONTH) Role: Role: CORPORATE FINANCE SALES & TRADING Analyst 1 $40k - $60k Sales – Institutional – Analyst $40k - $60k Analyst 2 $50k - $65k Sales – Institutional – Associate $50k - $70k Analyst 3 $60k - $75k Sales – Institutional – VP $100k - $125k Associate 1 $70k - $80k Sales – Corporates – Analyst $40k - $60k Associate 2 $80k - $95k Sales – Corporates – Associate $50k - $70k Associate 3 $100k - $120k Sales – Corporates – VP $100k - $125k VP $130k - $160k Trader – Analyst $40k - $60k Director $160k - $180k Trader – Associate $80k - $120k Managing Director $200k+ Trader – VP $130k - $160k EQUITY RESEARCH Research Associate $60k - $80k Senior Research Associate $80k - $100k Writing Analyst $160k - $180k 11 Sector Head $160k+
  • 12. FINANCIAL SERVICES.LEGAL, TAX & COMPLIANCECompliance continues to be one of the most as organisations enhance their internal Legal recruitment in the transactional andin demand areas within banking. With controls and continue to foster close ISDA space tends to be dictated by tradingcontinued focus on regulatory requirements working relationships with local and regional volumes and market activity. Consideringand reporting, professionals with expertise regulators. Furthermore, the introduction of the slowdown in global markets, we do notand experience in this area were in fairly new legislation will also increase demand expect such high demand as previoushigh demand in 2011. for professionals within affected areas. years.The areas that saw considerable movement Salaries have increased gradually over the Tax recruitment has remained fairly stableacross the market were product advisory, years, especially in areas with a limited pool over the years, the same is expected forprivate banking and AML compliance. of talent. However, this growth is expected 2012 where the majority will be replacement to slow down in 2012 due to cost-cutting at hires.This trend should continue throughout 2012 banks. BASIC SALARIES (HK$ PER MONTH) Analyst / Associate / VP / SVP / Director /Role: Non-Officer AVP / Manager Senior Manager Director Senior DirectorHead of Compliance - - - $125k - $170k $170k+AML $25k - $40k $40k - $55k $55k - $80k $90k - $130k $130k+Product Specific Advisory $35k - $45k $50k - $70k $70k - $110k $120k - $150k $160k+Training & Competence $20k - $30k $30k - $40k $60k - $90k $100k - $130k $130k+Control Room / Research $20k - $35k $35k - $60k $60k - $100k $110k - $140k $140k+Monitoring / Surveillance $20k - $30k $30k - $50k $60k - $90k $90k - $120k $120k+Tax Compliance $25k - $35k $30k - $45k $50k - $65k $75k - $105k $110k+Tax Advisory $25k - $45k $45k - $70k $70k - $100k $100k - $120k $130k+Tax Product Specific Advisory - $45k - $65k $70k - $110k $110k - $130k $140k+Banking Lawyer $70k - $80k $80k - $100k $90k - $130k $140k - $170k $180k+ 12
  • 13. FINANCIAL SERVICES.PRIVATE BANKINGPrivate bankers are still sought after in It is predicted that 2012 will not be as active Salaries within private banking are on aAsia. The majority of players in the industry for private banking as 2011 and that hiring moderate rising trend and we have seen uphave announced expansion plans and key activity will decrease slightly. It is likely that to 15-20% increases in salary offers. It ishires in the region, despite the current the majority of recruitment early in the year anticipated that this growth will continue asdepressed market. In 2011 the market was will be replacement hires following bonus Asia becomes an increasingly importantvery active and most firms were recruiting payments in February and March. player in global private banking.in a broad range of functions from business However, the banks will continue to work toassurance, strategy and investment improve their platforms and client offerings,advisory, to risk and compliance. and will strive to retain key talent. BASIC SALARIES (HK$ PER MONTH) Executive SVP / Associate / VP / Director / Role: Analyst Director / Senior AVP / Manager Senior Manager Managing Director Director Private Banker $38k - $52k $52k - $70k $70k - $85k $85k - $120k $130k+ Fund / Portfolio Manager $30k - $33k $33k - $46k $46k - $75k $75k - $120k $125k+ Investment Advisor / Consultant $25k - $35k $35k - $46k $50k - $75k $83k - $100k $120k+ Product Specialist $25k - $33k $33k - $50k $50k - $75k $80k - $100k $120k+ Trade / Dealer $30k - $33k $33k - $40k $40k - $75k - - Business Management $30k - $33k $35k - $46k $50k - $63k $63k - $85k $85k+ Assistant Relationship Manager $25k - $30k $32k - $42k $42k - $55k - - Product Development / Management $30k - $35k $35k - $45k $45k - $70k $80k - $100k $100k+ 13
  • 14. FINANCIAL SERVICES.RISK MANAGEMENTOverall, there was generally consistent The first quarter of 2011 saw high demand business models of banking organisations,levels of hiring across risk management in for experienced market risk management hiring for new teams or business areas will2011. Demand for credit risk professionals professionals at VP and director level. be very limited, and most of the focus will bemainly stemmed from the Greater China There was a particular focus on strong on strengthening current risk frameworks.region, and as such professionals with product experience and proven decision Salary levels are generally in line withMandarin skills were required. making ability, however this decreased previous years and we do not anticipate significantly later on in the year as bonusesHowever, it was also clear that as significant salary growth in 2012 due to the started coming into play and banks werecompanies overall business strategies general market outlook. reluctant to recruit if required to ‘buy-out’ themoved towards an emphasis on cost cutting candidates’ bonus.as well as process and operational losses,demand for operational risk expertise rose. There will be continued emphasis on risk management in 2012, however due to changes in financial markets and the BASIC SALARIES (HK$ PER MONTH) Analyst / Associate / VP / SVP / Director /Role: Non-Officer AVP / Manager Senior Manager Director Senior DirectorMarket Risk Management $30k - $40k $40k - $50k $50k - $110k $120k - $160k $150k+Market Risk Reporting $20k - $35k $30k - $40k $45k - $60k $80k - $110k $120k+Quantitative Analysis $40k - $50k $50k - $55k $60k - $90k $100k - $150k $150k+Operational Risk $20k - $30k $30k - $40k $45k - $70k $80k - $120k $120k+Credit Risk Analysis $30k - $40k $40k - $50k $50k - $90k $100k - $130k $150k+Traded Credit $30k - $40k $45k - $55k $60k - $110k $110k - $150k $150k+ 14
  • 15. COMMERCE & INDUSTRY.SALARY GUIDE 15
  • 16. COMMERCE & INDUSTRY.ACCOUNTING & FINANCEThere was renewed economic confidence Companies became more cautious with jobs in these uncertain times.at the start of 2011 which resulted in regard to recruitment in Q4 2011; a number Salary levels have remained at a similarbuoyant recruitment in accounting & finance put new employment on hold and/or froze level to last year with increases in basicwithin commerce & industry. Economic replacement hires. Despite these turbulent salaries likely to be typically 2-3%.uncertainty in the latter stages of the year market conditions, some organisations areimpacted the financial services industry continuing to hire staff for critical positionsmore significantly but did also affect although some of the most talentedcommercial businesses. professionals are less inclined to change BASIC SALARIES (HK$ PER MONTH) Officer / Director /Role: Senior Manager Senior Manager Accountant CFOInternal Audit $24k - $36k $37k – $44k $45k - $84k $85k - $150k $150k+Treasury $26k - $36k $37k - $44k $45k - $99k $100k - $170k $170k+Tax $33k - $44k $34k - $54k $55k - $124k $125k+ $140k+Cost Accounting $24k - $35k $36k – $42k $43k - $46k $48k - $60k -Management Accounting $22k - $32k $23k - $39k $40k+ - -Financial Accounting $25k - $37k $38k - $45k $46k+ - -Financial Analyst $20k - $29k $30k - $37k $38k+ - - SME MultinationalSENIOR FINANCEFP&A $38k - $54k $48k - $68kFinance Manager $33k - $54k $45k - $55kFinancial Control $53k - $70k $65k - $85kGroup / Regional Financial Controller $65k - $80k $85k - $120kFinance Director $80k - $110k $100k - $125k 16Regional Finance Director $90k - $100k $125k+
  • 17. COMMERCE & INDUSTRY.HUMAN RESOURCESThere was a steady level of recruitment in all areas of HRwithin commercial businesses throughout 2011 and this BASIC SALARIES (HK$ PER MONTH)looks set to continue in 2012. Top performing HR businesspartners are highly sought after, as are specialists in theareas of learning & development, talent management and Role:compensation & benefits. HR Director / Head $100k+With Asia continuing to be a key market globally, companiesin growth mode look to HR to play a strategic role in HR Manager / HR Business Partner $38k - $100kbusiness expansion in the region. For this reason, there is HR Associate / Assistant HR Manager $28k - $35kdemand for senior HR professionals who possess acombination of hands-on HR operational experience and the HR Officer / Assistant $16k - $25kability to work as a strategic partner with business leaders.With many firms continuing to grow in China, Mandarin and Recruitment Head / Director $58k - $86kexperience of PRC is also highly desirable. Recruitment Specialist $45k - $58kOverall salaries have not changed significantly and Learning & Development Head $72k - $100kindividuals are receiving between 3-7% increments on theirtotal compensation package. Therefore remuneration has Talent Development / Organisational Development Director $58k - $100kbeen a common motivator for professionals to move jobs. Learning & Development Training Manager $30k - $58kWhilst key performers continue to be rewarded at 10–20%more on their total compensation package. Learning & Development Officer $20k - $28k Compensation and Benefits Director $66k - $90k Compensation and Benefits Manager $40k - $64k Compensation and Benefits Specialist $25k - $32k 17
  • 18. COMMERCE & INDUSTRY.INFORMATION TECHNOLOGY & TELECOMMUNICATIONThe information technology & telecommunication (IT & T)employment markets held firm in 2011, with minimal job BASIC SALARIES (HK$ PER MONTH)losses. Although turbulence in the global economy hasimpacted Hong Kong to a certain extent, there was steady Role:business growth in the retail, telecommunication and luxury Pre-sales Consultant $38k - $67kbrand sectors. Microsoft Programmer $35k - $54kThere is evidence that hiring activity within the IT industry isset to rise in 2012. More than any other field, professionals Non-Microsoft Programmer $35k - $54kwithin IT must keep up with the latest trends and ERP Functional Consultant $42k - $67ktechnologies. One of the significant factors affecting salarieswithin IT is certifications, however, hands-on experience and System Administrator $38k - $58kparticular skill sets are still desirable. Infrastructure / Networking $30k - $50kInfrastructure support, storage, networking and information QA Testing $35k - $58ksecurity continue to be the most in-demand skill sets across Data warehousing $38k - $63kdifferent industries. These core technology functionssignificantly impact business continuity assessment, Project Manager $42k - $83kperformance analysis and data loss prevention, as well as Business Analyst $42k - $75kongoing business development schemes. Mainframe and Mid-range Programming $25k - $42kComprehensive e-business solutions and mobile technologywill continue to be innovative trends in 2012. This will create Service Delivery $42k - $75kdemand for professionals, not only within IT & T but also Telecommunication $42k - $75kmarketing, transport logistics and architecture. Channel Sales $50k - $100k Marketing Product Management $50k - $100k 18
  • 19. COMMERCE & INDUSTRY.SALES & MARKETINGOverall, 2011 was a steady year for hiring within the field of BASIC SALARIES (HK$ PER MONTH)sales & marketing. Consumer driven sectors such as theretail and luxury industries recruited for sales, marketing & Role:retail professionals throughout the year, across all levels of SALES & RETAILexperience. Trade Marketing Manager $30k - $50kDigital marketing and e-commerce were growth areas in Key Account Manager $30k - $50k2011 as companies started to embrace alternative marketingchannels to connect with their customers and explore Channel Manager $30k - $50kalternative revenue streams. Throughout the year Retail Manager $30k - $60kcommercial businesses also actively sought sales and Retail Director $60k - $90kbusiness development staff to prepare for anticipatedbusiness growth. Sales & Marketing Director $60k - $100kThere was a slowdown in hiring activity in Q3 and Q4 2011 Merchandising Manager $30k - $50kas companies adopted more conservative approaches to Merchandising Director $50k - $80kheadcount planning. However, sentiment remained mostlypositive overall for sales & marketing recruitment within Sales Manager $35k - $50kcommerce & industry throughout 2011. Sales Director $50k - $80k General Manager $80k - $120k Managing Director $100k - $150k 19
  • 20. COMMERCE & INDUSTRY.SALES & MARKETINGIn 2011, many companies looked to develop either a retail orsourcing footprint in Hong Kong and this looks likely to BASIC SALARIES (HK$ PER MONTH)continue in 2012.Digital and e-commerce marketing specialists remain in high Role:demand and companies have shown a willingness to attract MARKETINGdigital marketing talent from around the globe. Marketing Manager $30k - $50kIt is anticipated that hiring will be moderate within the IT & T, Marketing Director $50k - $80kindustrial, media and professional services sectors as Online / Digital Marketing Manager $30k - $60korganisations will still be mindful of the economic uncertaintystemming from Europe and the US. The majority of Online / Digital Marketing Director $60k - $80krecruitment is likely to be replacement hiring, with only some CRM Manager $30K - 50Kallowances for headcount growth. CRM Director $50k - $80kCommercial businesses in Hong Kong were reasonablyresilient throughout 2011 and the overall outlook for sales PUBLIC RELATIONS / CORPORATE COMMUNICATIONSand marketing hiring (which are by and large, revenue- Event Manager $30k - $50kgenerating roles) remains positive for 2012. PR Manager $30k - $50kAs demand for sales and marketing talent remains strong, it PR Director $50k - $80kis forecasted that for high performers salary increases arelikely to be in the vicinity of 5-10%. Internal / Corporate Communications Manager $30k - $50k Internal / Corporate Communications Director $50k - $100k 20
  • 21. SALARY GUIDE | HONG KONG 2012.UNDERSTANDING THIS GUIDEMETHODOLOGY:The salary information provided in this guide has Salaries listed cover basic salaries only and do notbeen compiled by dedicated researchers across include bonus payments or benefits. This is due toMorgan McKinley’s financial services and the variety of ways in which organisations managecommerce & industry divisions. Our researchers employee pay and reward.are in regular contact with both employers andcandidates across these sectors in Hong Kong. Please note, the information presented in this document should be used as a general guide only.STRUCTURE OF SALARY TABLES: Where number of years’ experience is mentioned, it is only to give an approximate framework in which toWe acknowledge that different organisations gauge what a typical professional is likely to earnhave different corporate structures. For ease of with the level of experience shown.use, this document includes corporate titlestypically used in financial services and In order to match candidates to the right careercommercial businesses to classify approximate opportunities, Morgan McKinley assessessalary ranges. individuals on all their skills and abilities when deciding on their suitability for roles.SALARY DATA: FURTHER INFORMATION:The salary ranges in this guide are indications ofwhat individuals with similar experience might For more specific salary or hiring information, pleaseexpect to earn in new roles in 2012. This salary visit www.morganmckinley.com.hk or contact yourdata is based on placements made during the Morgan McKinley consultant directly.last six months, as well as the specialistknowledge of Morgan McKinley’s consultants. © 2012 Morgan McKinley Group Ltd all rights reserved. Copy or reproductionVisit www.morganmckinley.com.hk for more information of this material is strictly prohibited. 21
  • 22. WE ARE MORGAN McKINLEY.TALK TO US.The world’s leadingemployers and successfullocal businesses must bedoing something right. Webelieve we know what that is.Hong Kong Irelandhk@morganmckinley.com.hk ireland@morganmckinley.ie+852 3907 3907 +353 (0)1 4321555Australia Japansydney@morganmckinley.com.au japan@morganmckinley.co.jp+61 (0)2 8986 3100 +813 5403 7073China Singaporeshanghai@morganmckinley.com singapore@morganmckinley.com.sg+86 21 5108 1200 +65 6557 4655Dubai United Kingdomdubai@morganmckinley.ae london@morganmckinley.co.uk+971 (0)4 329 7770 +44 (0)20 7092 0000Franceparis@morganmckinley.fr+33 (0)1 53 43 27 59 22

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